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Hedi Amara Nouira was born in Monastir in April 1911 and was trained as a lawyer. In 1934, he assisted Habib Bourguiba establish the Neo-Destour Party, a radical branch of the nationalist Destour Party. In the 1950s, the party campaigned for independence, and Nouira served as its representative in Paris.
After the country gained independence from France in March 1956, he served as Finance Minister and was the first governor of Tunisia’s central bank.
Back then, the newly independent country’s lawmakers appointed Bourguiba prime minister, and he became president after the monarchy was officially abolished the following year. He ruled as a monarch for three decades, securing a 1974 revision of the Constitution that made him president for life and confirmed Nouira as his chosen successor.
Throughout the 1970s, as Habib Bourguiba’s health and mental capacity worsened, he progressively assumed control of the country’s daily operations. Considered the architect of Tunisia’s economic renewal in the 1960s, Nouira was criticized in the 1970s by workers for the government’s harsh labor policies and attacks on labor union headquarters.
During his tenure, the economy thrived, and double-digit growth was achieved, which validated him in his roles and kept him in the prime minister’s office for ten years.
Hédi Nouira was an expert in both international history and modern economics. He had a thorough understanding of the territory and the Tunisians, the vast majority of whom desired central rule and resisted any form of excess. He wanted Tunisia to become the Singapore of Africa. He knew how to build his credibility, his authority, and his leadership. He was rationally liberal, socially-minded, pragmatic, and realistic in his perspective.
He restored confidence in the coutnry economy by his speeches, way of action, and personal commitment. State, employers, and UGTT initiate a session of social discussions every three years in order to provide greater visibility and less uncertainty for businesses and ensure social peace. Salaries and productivity go hand in hand. That was the policy.
Hédi Nouira knew where to lead the country and how to lead reform. He said what he did and did what he said, despite the danger of alienating strong supporters of social and economic progress. It revived the economy in so few years and put it on an Asian-style growth orbit, with yearly growth peaks exceeding 17%. His ten years in office will be remembered as the “ten glorious ones” in the country’s history. He rebuilt the state’s coffers and created more jobs and income than in the previous decade. He sought to bring Tunisia to the top of Africa. This ambition inspired the birth of the Tunisian dream.
After El Hedi Nouira’s stroke in February 1980, he was replaced by then-Education Minister Mohammed Mzali, who practically became the President’s heir apparent. In November 1987, however, Interior Minister Zine al-Abidine Ben Ali overthrew Bourguiba in a coup and claimed the presidency.
In our continuing series of inspiring life stories across continents, we hear about the Egyptian-American economist’s battle to overcome institutional prejudice.
It was speech day in the last week of secondary school when Mohamed El-Erian might have been forgiven for thinking that all lessons had come to an end, but there was one more in store for the unsuspecting student.
Seated in the audience, flush with the thrill of winning a scholarship to read economics at Queens’ College, Cambridge, Mohamed was listening as the roll call of the cohort’s achievements was read out.
The teenager, an Egyptian-American, was the only foreign pupil at St John’s, Leatherhead, then a private boys’ boarding school in a leafy town just south of London, and one of two in the year to have gained entry to Oxbridge, the duopoly of grand ancient seats of learning in the cities of Oxford and Cambridge.
The feeling of being about to go up to Cambridge was “incredible, absolutely incredible”, yet when the headmaster wrapped up the announcements there had been no mention made of any El-Erian. Nor was his honour logged, like that of the other successful applicant, on the school record.
Mr El-Erian, now 62, known to millions as a globe-trotting economist who has shaped thinking about historic twists in the world’s fortunes, was recently elected as president at his alma mater at the University of Cambridge, the place that equipped him so well for his stellar future.
But back in the 1970s, the struggle for recognition with his old school was to last almost the entirety of his undergraduate degree and would inadvertently serve “as an indication of the institutional racism that was still ripe at that time” in England.
To this day, Mr El-Erian, credits one of his masters at St John’s School, Bill Chubb, for not only inspiring him to succeed but for taking up the three-year fight to have the school and its headteacher recognise that triumph.
Fast forward more than four decades and the circle has completed in proper order. “Our congratulations to Dr Mohamed El-Erian (West 1973-1976) on his election as the 42nd president of Queens’ College, Cambridge,” announced a recent issue of the school’s The Old Johnian publication. “He will take up office from October 2020. Mr El-Erian won a scholarship from St John’s to read economics at Queens’ College.”
The new president of the college founded in 1448 arrived in post six months after the pandemic hit. His social media feeds are filled with scenes from across the picturesque city, whether of the Mathematical Bridge, the 270-year-old wooden structure he wanders over to reach the half-timbered lodge where he now lives, or the surrounding countryside he walks in with his beloved dog Bosa.
Unsurprisingly, one of the key objectives he aims to deliver on is expanding access to the college to more people from diverse and less advantaged backgrounds.
He also wants to encourage students “to do even better what they already do well”, which he himself learnt after arriving at Cambridge full of worries about being able to keep up academically, making friends or fitting in.
“It took me some time to get over this ‘imposter syndrome’ and, returning for my second year, I had a noticeable bounce in my step,” Mr El-Erian tells The National.
However, when he went to the customary beginning of term meeting with his director of studies in economics, Andy Cosh, he was asked how he thought it had gone so far.
“When I responded ‘great’ to his question about my first year, he immediately said: ‘You could and should do so much better.’ That remark had a notable impact on me. And I took it to heart.
‘With a mix of renewed determination and nervous excitement, I tried to do both more and better. I was fortunate enough to end up getting a first class honours degree, captain of the football team, on the squash team, and making amazing friendships that have lasted to this day. Moreover, every year was more fun than the previous one.”
Mr El-Erian, though, credits the entire experience of studying at the revered institution for broadening his horizon, exposing him to robust academic discussions, providing key analytical tools, and introducing him to interdisciplinary approaches.
Knowledge gains such as these propelled him on to the world stage. His career began at the International Monetary Fund in 1983, straight after a doctorate in economics at the University of Oxford.
Joining the Washington-based lender had never been part of his initial plan, though. “I had intended to be an academic,” he says.
When his father died suddenly, Mr El-Erian felt an imperative to find a higher-paying job than one in academia to help his “amazing mother” support his seven-year-old sister.
“The IMF ended up being an outstanding experience, exposing me to remarkable economic and financial policy issues at a relatively young age,” he says.
After 15 years, he moved into the private sector with Salomon Smith Barney/Citibank in London, where he wanted to understand how finance and “the plumbing of the international economy” worked.
It was not long before the axiom “when El-Erian speaks, Wall Street listens” was coined.
From there, he joined the global investment management company Pimco in 1999 as head of emerging markets portfolio management, latterly becoming chief executive and co-chief investment officer of the then $2 trillion investment fund.
Until, that is, the father of two got an unexpected memo, received after telling his 10-year-old daughter to brush her teeth. “She asked me to wait a minute, went to her room and came back with a piece of paper. It was a list that she had compiled of her important events and activities that I had missed due to work commitments,” he said in a 2014 interview. Jotted down were 22 milestones for which he had been absent: her first day of school, first football game, Halloween parades, several recitals.
“Talk about a wake-up call … my work-life balance had gotten way out of whack, and the imbalance was hurting my very special relationship with my daughter.”
Famously, he quit. Afterwards, he invested more time in his family and became economic adviser to the management board at financial services company Allianz, a role he still holds part-time today.
He also wrote The Only Game in Town, his second New York Times best-seller, on the protracted policy over-reliance on central banks. His first book, the award-winning When Markets Collide, which highlighted the growing fragilities and the likelihood of major meltdown, was published just before the 2008 global financial crisis.
Writing – books and economic analysis articles for media organisations – helps expose gaps in his knowledge and discipline his thinking process.
It is a personal philosophy inspired by his father, who gained a doctorate on scholarship to Columbia University, was a professor at Cairo University and later joined the diplomatic service with postings to the United Nations mission in New York and the embassies in France and Switzerland. He was then elected judge of the International Court of Justice in The Hague.
As a consequence, Mr El-Erian’s upbringing was very international. He was born in New York and schooled there as well as in Cairo, Paris and St John’s, where his Egyptian parents hoped to give him the stability of learning one academic curriculum in one language – he speaks four: English, French, Arabic and Spanish – and the chance to make friends.
There was a particular interaction with his father that stands out in Mr El-Erian’s memory. Every morning, El-Erian Snr read the five newspapers delivered to the ambassadorial residence in France. Occasionally, he would check if his teenage son had read them, too.
“I asked him what was the point of having so many newspapers as, after all, ‘the news is the news’.
“‘Wrong’, he responded and explained that through the range of newspapers we were receiving, I had access to a range of political perspectives.”
The message was clear that unless the young El-Erian was regularly exposed to different opinions, he would not have sufficient awareness to make sound decisions.
“This emphasis on what we call today ‘cognitive diversity’ has been a major driver of my life since,” he says. “I often feel that I operate at intersections – or, as my daughter says, ‘in the in-between’. And it is why I feel so strongly about promoting diversity and inclusion.”
The issues surrounding diversity and inclusion crop up at many points during the conversation, as they have in Mr El-Erian’s life, something he largely attributes to his Arab roots, which have had a great influence on him.
He believes that the West does not fully understand the Middle East and North Africa, primarily because the conditions in Arab countries vary so widely.
“The result is either excessive generalisation and over-dramatisation or, worse, a sense that the region has lost its way and is too unpredictable to deal with,” he says.
“Looking forward, and this is not just highly desirable but also very feasible, the critical requirement is to unleash the incredible potential of the youth. The region is full of talented young people with massive upside, and with some who have already done amazing things when placed in an enabling environment.”
Mr El-Erian, of course, knows about this first hand. He has encountered prejudice many times and still does even all these years after that speech day snub.
“I have learnt to deal with this and, more generally, am committed to ensure that biases, conscious and unconscious, do not get in the way of people with amazing potential,” he says.
It is the kind of input he wants to have at Queens’ College – despite residing in the Tudor-style President’s Lodge among the older buildings known affectionately but somewhat ominously by the students as the “dark” side. As opposed to the “light” side represented by the newer buildings on the opposite bank of the River Cam.
“I love being back, and for many reasons,” Mr El-Erian says. “One of them includes the ability to walk in a beautiful town with inspiring scenery and surrounded by smart people, many of whom are trying to solve complex problems and make the world better.
“I am not thinking beyond Cambridge,” he says. “I am delighted to be here and have a lot to do working with colleagues to continue to enable current and future generations to contribute to society in multi-faceted ways.”
The professional aspirations are ever-present, as much as Mr El-Erian is enjoying the simple pleasures of the university city once again. He and Bosa can regularly be spotted tramping across fields early on a foggy morning. It is, he says, an invaluable time spent listening to podcasts and radio shows, envisaging forthcoming articles, gathering his thoughts.
He is living a new phase of his life back at the heart of Queens’, no longer the awkward undergraduate with imposter syndrome but a global powerhouse returned to right the wrongs of the past.
Mohamed El-Erian, economist: ‘It is my hope that, through visionary leadership and better coordination, 2022 will be remembered proudly as the year we both won the war against Covid and secured the foundation for a fulfilling, prosperous, and durable peace for all.’ Bloomberg via Getty Images
Building work on Saudi Aramco’s new $7 billion Shaheen petrochemical project in Ulsa, South Korea has officially begun after a groundbreaking ceremony involving the energy giant’s CEO.
Amin Nasser attended the inauguration event alongside South Korea’s president Yoon Suk Yeol and senior officials from both countries.
The Shaheen project, announced in November 2022, is being built by South Korean refiner S-OIL Corp., of which Aramco owns a more than 63 percent stake.
“We are deeply honored by the presence of His Excellency President Yoon at this historic groundbreaking ceremony,” said Nasser – also the Aramco President.
“Shaheen is among Aramco’s biggest international downstream investments, representing a significant and sizeable step forward in our liquids-to-chemicals expansion and another major milestone in further strengthening our presence in Korea,” he continued.
Shaheen is Saudi Aramco’s largest investment in South Korea and is expected to be among the biggest integrated steam crackers – a petrochemical process – in the world.
It is also the first large-scale commercial use of Aramco’s thermal crude-to-chemicals technology, which was developed in partnership with Lummus Technology, a leading licensor of proprietary petrochemicals.
The construction of the new plant will be completed by 2026 and will have a production capacity of up to 3.2 million tons per year, in addition to a facility for producing high-value polymers.
Aramco has established a solid relationship with South Korea, and has recently agreed to a $6 billion framework deal with the country’s export-import bank.
According to the deal, Eximbank can lend Saudi Aramco up to $6 billion, which can be used to fund South Korean enterprises involved in projects with the global energy firm, whereas the bank indicated that $1 billion is set aside for hydrogen and renewable energy projects.
Moreover, Aramco also inked a memorandum of understanding with South Korea’s Hoban Group last month to collaborate in building and manufacturing.
source/content: arabnews.com (headline edited)
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South Korea’s President Yoon (centre) with Aramco president Amin Nasser (Supplied)
H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, today inaugurated the green data centre of Data Hub Integrated Solutions LLC (Moro Hub), a subsidiary of Digital DEWA, the digital arm of the Dubai Electricity and Water Authority (DEWA).
Recognised as the world’s largest solar-powered data centre by the Guinness World Records, the facility is located at the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world.
The opening event featured the signing of agreements between Moro Hub and its key technology partners and customers including Dell Technologies, Microsoft, Huawei, VMWare, Emirates NBD, Digital Dubai Authority, and Dubai Islamic Bank.
Sheikh Hamdan bin Mohammed was welcomed at the site of the green data centre by Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA.
Following the inauguration, Sheikh Hamdan bin Mohammed toured the green data centre. He was briefed by Saeed Mohammed Al Tayer on the facility’s integrated solutions designed to provide next-generation services in the areas of digital transformation, cloud and hosting services, cybersecurity, smart cities, IoT services and professional and managed services, as well as Moro services supported by ChatGPT technology.
“The development of the world’s largest solar-powered data centre was guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, for advancing sustainable development, The new centre is yet another achievement that raises the UAE’s profile as a leading global player in advancing sustainability and the green economy. The centre provides an exceptional model for combining digital technologies with energy technologies. With a world-class low-carbon information technology infrastructure powered by solar energy, the data centre supports the goal of the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Emissions Strategy 2050 to generate 100 percent of its energy production capacity from clean energy sources by 2050,” Al Tayer said.
“Moro Hub’s solar-powered data centre also supports our efforts to achieve the targets of the Net Zero by 2050 strategic initiative. This initiative is particularly significant since it comes in a year in which the UAE is hosting the largest international climate conference, the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP 28). The new data centre reflects our commitment to support the development of a sustainable economy and our efforts to transform Dubai into a global green economy hub. Moro Hub has always been a frontrunner in promoting digital transformation and sustainability as well as enhancing its integrated solutions to help organisations and companies reach net-zero carbon emissions,” Al Tayer added.
Moro Hub’s green data centre features ground-breaking solutions from Dell Technologies, Microsoft and Huawei including the latest advances in Internet of Things (IoT), Cybersecurity, Digital Twin Technologies, Artificial Intelligence (AI), Cyber Recovery as a Service, Consulting & Professional Services, Managed Services, Residency Services, Network as a Service, Moro Open Cloud and more.
Using 100 percent renewable energy, the Uptime TIER III-Certified data centre, , has a capacity exceeding 100 megawatts (MW). Its area will exceed 16,000 square metres.
Hamad Obaid Al Mansoori, Director-General of Digital Dubai, said, “The launch of the green data centre embodies Dubai and the UAE’s commitment to harness innovation and adopt the principles of sustainability in providing services to citizens and residents. It also reflects the significant role played by public-private partnerships in Dubai’s strategic projects. The project is a bright sign in Dubai’s journey towards a sustainable future that takes into account environmental needs. We at Digital Dubai support this approach as part of our leadership of the digital transformation process in the emirate, which has made the city a global model for adopting creative ideas and projects that contribute to a bright future for humanity.”
“We are glad to sign strategic cooperation with Moro Hub to jointly provide solutions that will elevate and accelerate the region towards digital transformation. Dell Technologies has always been at the forefront of intelligent solutions, and we are confident that our ground-breaking solutions will continue to create opportunities for customers to adapt to digital transformation easily,” Walid Yehia, General Manager, UAE at Dell Technologies, stated.
An exemplary model for combining cutting-edge digital and power electronic technologies to create an advanced green ICT infrastructure powered by renewable energy, the green data centre offers digital products and services using Fourth Industrial Revolution technologies, such as cloud services, the Internet of Things (IoT) and Artificial Intelligence (AI), among others.
“Microsoft remains committed to leading the march towards sustainable digital transformation. Our partnership with Moro Hub is another endeavour to accelerate the growth of sustainable digitisation in the country, driven by our best-in-class technologies. Our digital solutions will enable businesses to avail greater flexibility for managing their operations and strengthen their infrastructure, thereby protecting them from any potential risks that arise from cyber threats,” Naim Yazbeck, General Manager, Microsoft UAE, added.
The introduction of Moro Hub’s new solar-powered data centre will further drive the digital transformation of government and private organisations in the UAE, reinforcing their efforts to upgrade their infrastructure to keep pace with new Fourth Industrial Revolution trends. “Huawei has always been committed to supporting its partners with innovative solutions that will help them accelerate digital transformation across sectors. Our longstanding partnership with Moro Hub is an effort to enhance the experience for their customers, offer higher reliability and help contribute effectively to their vision of transforming the UAE business landscape into a sustainable digital model,” Jiawei Liu, CEO of Huawei UAE, commented.
Moro Hub’s solar-powered data centre aims to establish a global benchmark for energy efficiency and use of green technologies. By using smart and eco-friendly technologies, the facility will enable business enterprises in the region to unlock new efficiencies.
“It is a pleasure to collaborate with Moro Hub’s solar-powered data centre. At Emirates NBD, sustainable digitisation is the core of our operations, and by utilising the state-of-the-art technology available at the data centre, we will not only be able to enhance our operations, but also manage our customer expectations well. This also gets us a step closer to accelerating the UAE’s goals of net zero carbon by 2050,” Hesham Abdulla Al Qassem, Vice Chairman and Managing Director, Emirates NBD Group, said.
The new solar-powered data centre will help organisations in the country accelerate the pace of its progress and create innovative and productive work environments while ensuring high levels of productivity.
“We are glad to associate with Moro Hub’s largest solar powered data centre to host our IT workloads. As a leading provider of transformative digital solutions, this partnership will certainly fortify our drive to achieving sustainability, as well as position us a step ahead in the financial industry. We look forward to working together with them and are optimistic that this will be a new chapter that will bring positive results to both parties in the long run,” Yahya Saeed Ahmed Nasser Lootah, Vice Chairman, Board of Directors, Dubai Islamic Bank, explained.
Ahmed Auda, Vice President and General Manager, Middle East, Turkey and North Africa, VMware, said, “Through this collaboration with Moro Hub, VMware will help empower young talent with the cloud skills and training they need to support digitisation across the UAE in line with initiatives including UAE Digital Government Strategy 2025 and the Dubai Economic Agenda D33, which aims to double the size of Dubai’s economy over the next decade and strengthen its position as one of the top three global cities. As the UAE cements its position as a global technology leader, VMware and Moro Hub will give young people access to the technical skills they need to support the transformation plans of both public and private sector organisations.”
The solar-powered data centre will play a major role in developing a new sustainable ecosystem featuring the latest solar energy and storage technologies, AI systems, and sustainability practices. It will also enable global hyper-scalers to access carbon-free computing and help organisations reduce their carbon footprint.
Egypt’s Suez Canal Authority (SCA) was named as the best Arab government institution in the second edition of the Arab Government Excellence Award.
SCA Chairman Osama Rabie received the award on Thursday during a ceremony held at the Arab League (AL) premises in Cairo to announce the winners of Arab Government Excellence Awards.
This Arab competition is organised under the auspices of Sheikh Mohammed bin Rashid, the ruler of Dubai and Prime Minister of the UAE.
The 72-kilometre-long Suez Canal – which connects the Mediterranean and the Red Seas – is the shortest maritime route between Asia and Europe and is the fastest crossing from the Atlantic Ocean to the Indian Ocean.
Around 12 percent of the world’s trade passes through the canal.
The world’s longest man-made canal without locks is one of Egypt’s main sources of foreign currency.
In 2022, the Suez Canal’s revenue hit a record $7.9 billion, up from $6.3 billion in the previous year.
The total number of vessels that crossed the canal this year reached 23,400, up from 21,700 in 2021.
Meanwhile, total cargoes that crossed the canal this year hit a record high of 1,420 billion tons, up from 1,220 billion tons in 2021.
The Egyptian Ministry of Communications and Information Technology was also picked as the best Arab ministry
Shaikha Al-Bahar, Deputy Group CEO at National Bank of Kuwait, received “Distinguished Services to Arab Banking Award 2022” from the Arab Bankers Association (ABA) in recognition and appreciation of her dedicated efforts and outstanding contributions to the growth of the Arab banking industry.
Lord William Russell, the former mayor of the City of London, presented the award to Al-Bahar, during the Arab Bankers Association’s annual event, which was held in London, England and was attended by top executives and key leaders across the financial services industry.
In her acceptance speech, Al-Bahar said NBK has adopted a cooperate culture of leadership, that doesn’t only drive excellence, but rather actively demonstrates that excellence. Drawing from this unique culture, NBK’s leaders inspire their team members to forge a carrier in the banking industry by providing them with the right tools to create efficiencies and deliver the best results.
“I am very proud of what I have achieved throughout my career with NBK. It gives me more pride that my professional career was closely aligned with my personal believes and goals, which helped me achieve a lot of my personal aspirations, especially the ones that relate to giving back to the community through responsible banking practices”. Al-Bahar said.
“I am also honored to be a member of the leadership team that has guided NBK to its prominent position as one of the region’s leading financial institutions.” Al-Bahar added.
Al-Bahar highlighted that behind her personal accomplishment, there was dedication and willingness to differentiate herself through hard work, thinking outside the box, and getting out of her comfort zones.
Al-Bahar described her professional journey as one filled with devotion, evolution, and inspiration, from its starting point as a trainee in one of NBK’s branches, all the way until she took the helm as DGCEO. Throughout this unique journey, she managed to leave a positive footprint and played a key role in shaping the Group’s strategic vision, a direction that successfully positioned NBK as the most Valuable Banking Brand in Kuwait and among the top five banking brands in the region.
Al-Bahar emphasized that NBK adopts an open culture of customer-centricity, innovation, digital mindset, and data-driven decision-making to well position NBK as a digital leader and trendsetter in Kuwait and the region, building next generation digital banking experience.
NBK Group Deputy CEO also stated that the long-term interests of all NBK stakeholders are inseparable, as the Bank continues to create added value to all its customers, employees, and communities.
“A real leader knows how to drive change. Therefore, I am committed to advocating for greater boardroom diversity and continue developing and supporting various women empowerment initiatives, the latest of which was launching “NBK RISE”, a first-of-its-kind Global Women Leadership Initiative designed by women for women”. Al-Bahar noted.
Al-Bahar emphasized the importance of gender balance in boardrooms, as nowadays it has come to the forefront. Therefore, NBK took the initiative and started from within, ensuring that women break boardroom barriers and that they have adequate representation on all our boards and committees.
“In today’s fast-changing global environment, we continue to inspire our teams to be future leaders and provide them with the tools to transform organizations, enhance value creation, create efficiencies, and deliver better results.” Al-Bahar said.
Al-Bahar believes that continuous learning is key to success, and that people learn the most when thrown in the deep end.
Acknowledgment and Appreciation
In conclusion of her speech, Al-Bahar acknowledged the collaborative dedication of NBK employees, highlighting their efforts as they continue to elevate NBK’s leadership position to new heights.
“This award reflects our vision to continue building on our excellence and further strengthens our resolve to maintain the course of our inclusive, resilient, and sustainable approach. At NBK, we have always been focused on developing effective leaders within and throughout our organization, and thereby improve the overall quality of our operations.” Al-Bahar concluded.
A Role Model for Ambition
Former Mayor of the City of London, Lord William Russell, said that Al-Bahar is a role model for the ambitious women across the Middle East and on the international front, adding that as a leading banker in the GCC, she offers a strategic viewpoint and distinct voice that is recognized and valued by politicians and leaders.
A Prominent Role
Meanwhile, Mr. George Kanaan, CEO of the Arab Bankers Association, stressed that Al-Bahar was instrumental in the growth of banking services throughout the Middle East, as well as in assisting enterprises and organizations to obtain the financial products and services they required to achieve their goals.
The Arab Bankers’ Association (ABA) was founded in 1980 and is a London-based not-for-profit professional organization whose members work in banks and related industries in the Arab world and in the United Kingdom. ABA is dedicated to strengthening the connection and interdependence among members of the financial sector in Arab nations and the United Kingdom through constant contact and information exchange, as well as a diverse range of activities and events.
Al-Bahar receives the award from Abdulaziz Al-Khuraiji, Chairman of the Board of Directors of the Arab Bankers Association in London, and George Kanaan, CEO of the Arab Bankers Association.
With a strong determination to help women’s inclusion in the mining industry, Bensetti has a strong belief in women’s ability to defy norms and pursue a career in any industry.
Women in Mining UK, an NGO dedicated to supporting women in the mining sector, selected CEO of OCP subsidiary DOOC Ibtissam Bensetti to feature in the 2022 “100 Global Inspirational Women in Mining” (WIM100) in recognition of her contributions to the global mining industry.
With this nomination, Bensetti became the first OCP personnel and Moroccan national to feature in the 100 Global Inspirational Women in Mining.
The NGO’s global top 100 list celebrates women’s contribution to the mining industry at all levels. The biennial publication stresses women’s skills and expertise in the global mining industry and celebrates role models for future generations.
Women inclusion in mining
The organization selects nominees based on different criteria, including creative innovation and sustainable working.
“A WIM100 woman offers proactive advocacy to those working in the mining industry and beyond. She empowers her colleagues to ensure everyone feels heard, welcomed, and respected,” the NGO said.
Bensetti has been able to take her place in the WIM100 for her leadership in OCP as a CEO at the group’s subsidiary DOOC, which specializes in industrial operations consulting, safety, and sustainability.
Having joined OCP in 2012, Bensetti has more than a decade of experience in the mining industry at different levels, particularly in sustainability roles in mining and chemical industrial operations, as well as corporate development.
Carrying the spirit of women’s empowerment during her journey, Bensetti has been working on spreading that spirit among her team members, particularly women, through supporting OCP’s female talent as well as increasing the number of women in management.
Delighted to be part of the WIM100 list, Bensetti stressed her emphasis and belief in women’s talents.
“In my mind, there is no impenetrable fortress for women, women can defy the norms and pursue a career in any industry,” she said, conveying her encouragement and endorsement for the inclusion of women in the mining industry.
The CEO acknowledged that the industry might have been a male-dominated industry but claimed that that’s in the past thanks to global efforts seeking to ensure gender equality at different levels. Women make up between 8% and 17 % of the global mining workforce, a McKinsey report has found.
The report also identified, however, several reasons and challenges that prompt women’s exit from the industry.
“The top reasons for leaving the industry are feeling that work is no longer intellectually challenging and having the perception that there are fewer advancement opportunities than there are for their male colleagues,” the report stressed.
Appointment and education
Bensetti was appointed as CEO of DOOC in June 2021 to replace Hamid El Mahfoudi, who retired.
She joined OCP a decade ago, filling positions related to strategy, corporate development, and industrial operations.
Graduating from Telecom Paris in 2004, Bensetti amassed 18 years of experience in management consulting, industry managing, coaching, and leading teams in transformation journeys.
Bensetti is also a graduate of The World Business Council for Sustainable Development’s LEAP Program, a one-year sustainability training program that seeks to empower women and help advance their positions and careers.
Having gender equality as a center of focus during her career, Bensetti is determined to continue her battle to help empower women in the mining industry.
“Being a woman engineer in industry, I have been fighting this battle all my life,” she wrote on her LinkedIn bio.
CEO of the Middle East, Global Entrepreneurial Markets, and Sub Sahara Africa at Procter & Gamble (P&G) Omar Channawi has featured in the Forbes’ “Global Meets Local 2022” list for the MENA region.
The Moroccan businessman also holds the position of P&G’s Senior Vice President of Sales in Asia Pacific, the Middle East, and Africa.
Channawi started his career with P&G Morocco in 1993 and assumed his current position in 2019 after building a solid career with the American consumer goods corporation over two decades.
P&G is the parent organization of numerous well-known brands such as Downy, Pampers, Always, Braun, Gillette, Olay, Oral-B, and Head & Shoulders.
The company’s portfolio also includes brands that are often seen as competitors in the MENA market such as Tide and Ariel.
According to Forbes, P&G accumulated $80.2 billion in net sales in the 2021/22 financial year with the Middle East, Africa, Asia Pacific, and India contributing to 14% of total net sales.
The decades-long economic growth recorded in some MENA economies has encouraged numerous multinational companies such asP&G to set up offices in the Middle East, most often in the region’s largest economic hub Dubai.
The presence of multinational companies in the region, according to Forbes, “create[s] thousands of jobs as well as bringing technological advancements and capital into the region.”
This year, Forbes recognized 51 executives from 50 companies for the 10th edition of its annual Global Meets Local ranking. The companies operate in the technology, banking, food and beverage, pharmaceuticals, and automotive sectors.
As for the executives, they represent 27 nationalities with most CEOs coming from Britain and France, each had five executives on the list.
Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, has been elected as Chairman of the Development Committee (DC) of the World Bank Group (WBG) and the International Monetary Fund (IMF), which aims to achieve international cooperation and consensus on issues related to development. The DC is a joint ministerial committee of the Boards of Governors of the Bank and the Fund.
During his two-year tenure, the minister will work with the committee’s members that include ministers, and the Board of Governors of the WBG and IMF to complete and manage the committee’s programmes related to sustainable and comprehensive economic development, in order to build and develop the economies of developing countries.
Al Hussaini thanked the member states and the WBG for electing him as the Committee Chairman, stressing the United Arab Emirates’ keenness on cooperating and coordinating with its strategic partners and all international organisations to enable comprehensive and sustainable development at all levels.
A ministerial-level forum that represents the member countries of the World Bank Group and the International Monetary Fund, the Development Committee was established in 1974 and was previously known as the ‘Joint Ministerial Committee of the Boards of Governors of the Bank and Fund’. It comprises 25 members from the finance or development ministries that are members of the WBG and the IMF.
The Committee is mandated to address a wide range of issues, including, but not limited to, the role of the IMF and WBG, in confronting future crises, digitalisation, the green economy, trade, industrial policies, and poverty.
Mohammad Abdullah Al Gergawi, Minister of Cabinet Affairs, Chairman of the Committee leading Great Arab Minds, and Secretary-General of the Mohammed Bin Rashid Al Maktoum Global Initiatives (MBRGI), highlighted the details of “The Great Arab Minds” initiative.
Launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, in January 2022, the initiative is the Arab world’s largest movement designed to search for exceptional talents among Arab scientists, thinkers, and innovators across key fields.
The Great Arab Minds initiative, under the MBRGI, aims to identify, support and acknowledge leading thinkers in the region, amplify their impact and inspire future generations. One of its main purposes is to reduce the emigration of Arab scientists, specialists, intellectuals, doctors, and engineers.
He affirmed that “The Great Arab Minds” initiative reflect His Highness’ vision in reigniting the Arab World’s Civilisation Drive, support great Arab minds and acknowledge their work and achievements, in service of humanity.
Mohammad Al Gergawi pointed out the importance of the Arab Reading Challenge initiative launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, among many other development projects, serving more than 91 million beneficiaries.
A study conducted by KPMG, showed that ignorance costs the Arab world more than US$2 trillion. The Great Arab Minds initiative aims to change this reality and contribute to shaping a brighter future for Arab generations.
During an event organised in the Museum of the Future to announce the details of the initiative, Mohammad Al Gergawi witnessed the signing of four partnerships between “The Great Arab Minds” initiative and KPMG, LinkedIn, Meta, and Majarra.
The initiative’s mission is to search for exceptional talents among Arab scientists, thinkers, and innovators across key fields, aiming to identify, support and acknowledge leading thinkers in the region, amplify their impact and inspire future generations.
Over a 5-year period, “The Great Arab Minds” will reward scientists, thought leaders, scholars, and innovators across 6 categories: Natural Sciences (Physics and Chemistry), Medicine, Literature and Arts, Economics, Technology and Engineering, and Architecture & Design.
The initiative includes the “Mohammed bin Rashid Medal for Great Arab Minds”, which will be awarded to 6 winners of six categories each year.
The Great Arab Minds initiative aims to facilitate the recognition of Arab thought leaders, scholars, scientists, geniuses, and transforming their ideas to real-life breakthroughs and solutions. It also aims at empowering cluster of Arab scientists and thinkers and building a network of Arab thinkers, scientists, and exceptional talents in various fields to work as one team to drive the Arab world’s intellectual renaissance.
